EP 71 - A Conversation With Jim Collins

For those of you who have been at NISC for a while, you have heard me talk about Jim Collins and the book Good to Great. I first read this book in 2001 the year that it was published and I must say that of all the business books and all the authors I have read, in my career, This one made a profound impact on me and the culture of NISC. Many business books are simply the author's opinion and we all have an opinion including you and I. But what always impresses me with the writings of Jim Collins is that his conclusions were not his opinions, rather, they were the findings of his extensive research. Since this book Good to Great was originally released in 2001 it has sold millions of copies and today, 18 years later, over three hundred thousand copies are sold annually which, to me, makes it a very relevant and impactful book. Now to write this book Collins and his staff of 20 started with 1435 companies. They examined their performance over 40 years and based on that research they identified companies that successfully made the transition from good companies to great companies and in the process distinguish themselves from their competitors. This is where I disagree with Mr. Collins. The majority of the criteria for determining if a company was great or not when compared to their peers, financial measurements. Financial metrics like a stock price, market share, return to the shareholders in terms of dividends which I all agree are important financial measurements but for our culture here at NISC, they are not the only measurements. For us, the satisfaction and engagement of our stakeholders consisting of our member-owners, our board, and our employees are at the top of our list right next to the financial performance of NISC. Being a good corporate citizen, giving back to our communities, creating a healthy and ethical work environment, while building a culture of trust. These are all metrics that we believe are also very important. I do not believe that trading our time and talents just to maximize financial performance is really very motivating. Rather we believe that while financial performance and stability are very important because any business whether for-profit, nonprofit, or cooperative will not be able to deliver on their mission and vision if they are not financially strong and stable and producing a consistent margin. But there just has to be a greater purpose and cause for doing what we do the traveling, the deadlines, the pressure, the stress, our desperate attempts to balance work life, almost lead us to a greater cause or it simply isn't worth it. In the 1960s there was a famous singer named Peggy Lee who is born in Jamestown North Dakota in 1920. Her most notable song was titled "Is That All There Is". So we work ourselves to the bone, we make significant sacrifices for our families for what? A bigger bottom line? More dividends to the shareholders? Really? Is that like Peggy Lee would say all there is? The culture of NISC says "no that is not all there is". There is more to our lives than just financial metrics it's about family, it's about providing for our families, It's about our communities, It's about doing meaningful and impactful work that makes our world a better place to live like delivering electric power to some of the most difficult and remote places in the United States and providing broadband which helps us to bridge the digital divide in our country. That is why we get out of bed in the morning. Our work gives us purpose and meaning beyond just a paycheck. So although I may disagree with the criteria for measuring greatness I am absolutely a student of Jim Collins and his definition of great leadership and great companies is so important to me and to NISC. So imagine my excitement when NISC was recently asked to participate in a small group of about 12 individuals to have a direct conversation with none other than Jim Collins. I felt like a small boy meeting a storybook hero. I don't want to be overly dramatic but seriously this was one of the most important events in my professional career. The atmosphere at this meeting was intense. Mr. Collins peppered us for two hours with questions while he took copious notes. While I would rank the professional stature of Mr. Collins right up there with Stephen Covey, Tom Peters, Peter Drucker, Peter Senge, Ken Blanchard, and Simon Sinek I was absolutely taken back by his humility. his directness, and his intense passion. It was clear to me that this leadership icon achieves that stature because he was passionate and he was a perpetual student of leadership always learning and always asking the hard questions. Now while some of the companies that Jim Collins identified as great companies in 2001 have since gone out of business or disappeared into oblivion, It was clear to me from listening to him that Jim Collins had moved on and his views of leadership and greatness had evolved as well they should. He wrote a sequel to good the great entitled "How the Mighty Fail" which drove home the point of how tenuous greatness is and how difficult it is to maintain your leadership position for an extended period of time in any market. I think there's a lesson there for our organization. So there you have it. A face to face meeting with one of my most influential mentors. Can you see the big smile on my face? And by the way, if you're in the neighborhood, stopped by my office. I would love to show you my brand new copy of good to great with, you guessed it, a coveted signature by none other than the author himself. Thanks for listening. I appreciate you. Vern